$ALEC
Alector Inc

2019 Q3 Form 10-Q Financial Statement

#000156459019031488 Filed on August 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $2.696M $6.917M $7.109M
YoY Change -58.54% -2.7%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.330M $8.430M $2.520M
YoY Change 184.3% 234.52%
% of Gross Profit
Research & Development $28.52M $25.64M $16.82M
YoY Change 39.85% 52.46%
% of Gross Profit
Depreciation & Amortization $1.300M $800.0K $300.0K
YoY Change 550.0% 166.67% 0.0%
% of Gross Profit
Operating Expenses $36.85M $34.07M $19.34M
YoY Change 58.01% 76.16%
Operating Profit -$34.15M -$27.15M -$12.23M
YoY Change 103.09% 121.99%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.411M $2.592M $1.110M
YoY Change 60.95% 133.51%
Pretax Income -$31.74M -$24.56M -$11.12M
YoY Change 107.18% 120.86%
Income Tax
% Of Pretax Income
Net Earnings -$31.74M -$24.56M -$11.12M
YoY Change 107.21% 120.84%
Net Earnings / Revenue -1177.23% -355.07% -156.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$469.7K -$364.8K -$87.82K
COMMON SHARES
Basic Shares Outstanding 68.83M 68.87M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $381.4M $410.9M $268.1M
YoY Change 23.55% 53.26%
Cash & Equivalents $86.97M $69.21M $48.91M
Short-Term Investments $294.5M $341.7M $219.2M
Other Short-Term Assets $4.000M $3.700M $1.900M
YoY Change 2.56% 94.74%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $385.5M $414.6M $270.0M
YoY Change 23.32% 53.55%
LONG-TERM ASSETS
Property, Plant & Equipment $33.86M $32.01M $3.200M
YoY Change 840.58% 900.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $149.0K $110.0K $1.600M
YoY Change -94.04% -93.13%
Total Long-Term Assets $64.25M $62.65M $4.900M
YoY Change 953.23% 1178.65%
TOTAL ASSETS
Total Short-Term Assets $385.5M $414.6M $270.0M
Total Long-Term Assets $64.25M $62.65M $4.900M
Total Assets $449.7M $477.3M $274.9M
YoY Change 41.11% 73.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $258.0K $540.0K $100.0K
YoY Change -14.0% 440.0%
Accrued Expenses $16.55M $14.58M $6.200M
YoY Change 146.96% 135.11%
Deferred Revenue $29.53M $40.87M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.72M $67.10M $36.90M
YoY Change 43.21% 81.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $409.0K $409.0K $159.8M
YoY Change -99.73% -99.74%
Total Long-Term Liabilities $409.0K $409.0K $159.8M
YoY Change -99.73% -99.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.72M $67.10M $36.90M
Total Long-Term Liabilities $409.0K $409.0K $159.8M
Total Liabilities $231.1M $231.5M $196.7M
YoY Change 20.83% 17.71%
SHAREHOLDERS EQUITY
Retained Earnings -$189.3M -$157.6M
YoY Change
Common Stock $7.000K $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $218.6M $245.7M -$69.40M
YoY Change
Total Liabilities & Shareholders Equity $449.7M $477.3M $274.9M
YoY Change 41.11% 73.61%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$31.74M -$24.56M -$11.12M
YoY Change 107.21% 120.84%
Depreciation, Depletion And Amortization $1.300M $800.0K $300.0K
YoY Change 550.0% 166.67% 0.0%
Cash From Operating Activities -$28.90M -$18.00M -$17.00M
YoY Change 29.02% 5.88% 93.18%
INVESTING ACTIVITIES
Capital Expenditures -$2.300M -$9.400M -$700.0K
YoY Change 1050.0% 1242.86% 40.0%
Acquisitions
YoY Change
Other Investing Activities $48.20M $35.80M -$39.40M
YoY Change -202.99% -190.86%
Cash From Investing Activities $45.90M $26.50M -$40.10M
YoY Change -197.66% -166.08% 7920.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 700.0K -100.0K 70.20M
YoY Change -98.88% -100.14%
NET CHANGE
Cash From Operating Activities -28.90M -18.00M -17.00M
Cash From Investing Activities 45.90M 26.50M -40.10M
Cash From Financing Activities 700.0K -100.0K 70.20M
Net Change In Cash 17.70M 8.400M 13.10M
YoY Change -349.3% -35.88% -240.86%
FREE CASH FLOW
Cash From Operating Activities -$28.90M -$18.00M -$17.00M
Capital Expenditures -$2.300M -$9.400M -$700.0K
Free Cash Flow -$26.60M -$8.600M -$16.30M
YoY Change 19.82% -47.24% 96.39%

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NetCashProvidedByUsedInFinancingActivities
170196000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
70092000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3738000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
17931000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66942000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32451000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2849000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8000
alec Stock Issuance Costs Incurred But Not Yet Paid
StockIssuanceCostsIncurredButNotYetPaid
3000
alec Deferred Offering Costs For Initial Public Offering Included In Accounts Payable And Accrued Liabilities
DeferredOfferingCostsForInitialPublicOfferingIncludedInAccountsPayableAndAccruedLiabilities
104000
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.51%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.51%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, manufacturing accruals, clinical accruals, fair value of assets and liabilities, income taxes uncertainties, stock-based compensation, and related assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates<font style="font-style:italic;">.</font> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.51%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.51%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and short-term marketable securities. Cash and cash equivalents are deposited in checking and sweep accounts at a financial institution. Such deposits may, at times, exceed federally insured limits. </p>
us-gaap Lease Cost
LeaseCost
3546000
CY2018Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48910000
CY2018Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
alec Maximum Remaining Maturity Period Of Investments
MaximumRemainingMaturityPeriodOfInvestments
P1Y
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
34771000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12838000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2757000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1901000
CY2019Q2 alec Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
7814000
CY2018Q4 alec Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
3821000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2922000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2766000
CY2019Q2 alec Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
2849000
CY2018Q4 alec Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
293000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
836000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
588000
CY2018Q4 alec Accrued Offering Costs Current
AccruedOfferingCostsCurrent
792000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
156000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
179000
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
15700000
CY2019Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2019Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P10Y
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The lease is over a ten-year term with an option to renew for a period of ten years.
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1498000
us-gaap Operating Lease Cost
OperatingLeaseCost
3183000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
294000
us-gaap Variable Lease Cost
VariableLeaseCost
478000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
34000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
68000
CY2019Q2 alec Sublease Income And Reimbursement Of Variable Lease Cost
SubleaseIncomeAndReimbursementOfVariableLeaseCost
183000
alec Sublease Income And Reimbursement Of Variable Lease Cost
SubleaseIncomeAndReimbursementOfVariableLeaseCost
183000
CY2019Q2 us-gaap Lease Cost
LeaseCost
1643000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y9M18D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.088
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2002000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6882000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7122000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7146000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7376000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
43146000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
73674000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3694000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1161000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6939000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2285000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7115341
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7115341
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43728117
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43728117

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